Related Keywords: benefit capital intensive industries, by fifty basis points, Make in India vision a reality, RBI, reduction of repo rate, Southern India Mills’ Association, textile to improve competitiveness
Southern India Mills’ Association (SIMA) chairman M Senthilkumar welcomed the RBI’s effort for reduction of repo rate by 50 basis points to bring it at 6.75 percent. The move will benefit capital-intensive industries such as textiles to improve its competitiveness.
The textile industry had been seeking reduction in interest rates. With reduction in interest rate, the industry will be able to invest more and make the ‘ Make in India’ vision a reality. He appreciated efforts made by the RBI in bringing the guideline for base rate so that the banks follow a uniform procedure.
